Denbury Reports First Quarter 2013 Results

Denbury Reports First Quarter 2013 Results

PLANO, Texas, May 2, 2013 (GLOBE NEWSWIRE) -- Denbury Resources Inc.
(NYSE:DNR) ("Denbury" or the "Company") today announced adjusted net income (a
non-GAAP measure)^(1) of $123 million for the first quarter of 2013, or $0.33
per diluted share. This compares to $137 million of adjusted net income, or
$0.36 per diluted share for the fourth quarter of 2012^(2), and $161 million
of adjusted net income, or $0.41 per diluted share, for the prior year first
quarter. First quarter of 2013 net income (the GAAP measure) was $88 million,
or $0.23 per diluted share, on quarterly revenues of $580 million. This
compares to net income of $115 million, or $0.30 per diluted share, on
revenues of $603 million for the fourth quarter of 2012, and net income of
$113 million, or $0.29 per diluted share, on revenues of $640 million for the
prior year first quarter.

Adjusted cash flow from operations (a non-GAAP measure)^(1) for both the first
quarter of 2013 and the fourth quarter of 2012 was $316 million ($358 million
in the fourth quarter of 2012 if the increase in current income taxes related
to the Bakken transaction^(3) is excluded)^(2) and compares to $352 million
for the prior year first quarter. Net cash provided by operating activities
(the GAAP measure) was $269 million for the first quarter of 2013, compared to
$385 million for the fourth quarter of 2012 and $292 million for the prior
year first quarter.

Key accomplishments to date in 2013 include:

  *Increased average quarterly oil production from tertiary operations to a
    new record level of 39,057 barrels per day ("Bbls/d"), 17% higher than
    2012's first quarter level and 4% higher than the fourth quarter of 2012
    level.
    
  *Acquired assets in the Cedar Creek Anticline that are currently producing
    approximately 11,000 barrels of oil equivalent per day ("BOE/d") net to
    the acquired interest, from ConocoPhillips for $989 million cash, after
    preliminary closing adjustments.This was the latest transaction in a
    series of tax-efficient property transactions, with a combined aggregate
    value of over $4 billion, making Denbury more purely focused on enhanced
    oil recovery with carbon dioxide ("CO[2]").
    
  *Commenced injection of CO[2] captured from two industrial facilities in
    the Gulf Coast region.These facilities are expected to provide a combined
    approximate 70 million cubic feet per day of CO[2] to Denbury's Gulf Coast
    region tertiary operations and illustrate the Company's unique ability to
    use and store CO[2] that would otherwise be released into the atmosphere.
    
  *Began pressuring up the Greencore pipeline, Denbury's first CO[2] pipeline
    in the Rocky Mountain region, with CO[2] from the Lost Cabin Gas Plant to
    prepare for anticipated initial CO[2] injections into the Denbury-operated
    Bell Creek Field in Montana in the second quarter of 2013, with initial
    tertiary oil production from the field estimated to occur in the latter
    part of the third quarter of 2013.
    
  *Issued $1.2 billion of 4 5/8% senior subordinated notes due 2023 in
    conjunction with refinancing approximately $651 million principal amount
    of senior subordinated notes with interest rates of 9 1/2% and 9 3/4% and
    reduced outstanding borrowings on our bank credit facility with the
    additional proceeds.

^(1) See accompanying Schedules that reconcile GAAP to non-GAAP measures along
with a statement indicating why the Company believes the non-GAAP measures
provide useful information for investors.

^(2) The GAAP to non-GAAP reconciliations for the fourth quarter of 2012 are
part of the Company's fourth quarter 2012 earnings release which is an exhibit
to its February 21, 2013 Form 8-K.

^(3) Full description of the Bakken transaction is provided in the Company's
September 20, 2012 Form 8-K as amended December 26, 2012 and January 18, 2013
on Forms 8-K/A.

Management Comment

Phil Rykhoek, Denbury's President and CEO, commented, "We are off to a strong
start in 2013 as we continue to execute on our proven, unique, and repeatable
growth strategy.Quarterly oil production from our core tertiary business
exceeded our expectations, reaching a new record level in the first quarter,
while our realized oil price premium in the quarter was our highest ever.From
a total production standpoint, the first quarter was a transition quarter for
us as we sold our Bakken area assets in the fourth quarter of 2012 but did not
acquire the replacement assets in the Cedar Creek Anticline until almost the
end of the first quarter of 2013.These newly acquired properties are
currently producing around 11,000 BOE/d net to our interest, and we expect
over 20% of our total daily production to come from the Cedar Creek Anticline
for the remainder of 2013.

"With the solid start to the year, we now estimate that both our tertiary and
total production will be in the upper half of our currently estimated 2013
production ranges.Further, with our well-defined and lower-risk growth
outlook and the high returns of our tertiary investments, we are uniquely
positioned to grow per-share value for the foreseeable future."

Production

Production for the first quarter of 2013 averaged 63,823 BOE/d, which included
39,057 Bbls/d from tertiary properties and 24,766 BOE/d from non-tertiary
properties.First quarter total production was down approximately 11%, or
7,709 BOE/d, compared to that in the first quarter of 2012, principally due to
the asset sales in late 2012.Excluding the impact of asset sales, continuing
production was up approximately 17%, or 9,338 BOE/d, due in part to a 17%
increase in tertiary production, or 5,800 BOE/d, and the remainder primarily
due to 2012 acquisitions.The sequential and year-over-year quarterly tertiary
production increases reflect growing production at the Company's newest
tertiary floods at Hastings and Oyster Bayou fields combined with production
gains from the expanding tertiary floods at Delhi and Tinsley fields.The
increases in non-tertiary production for the same periods were the result of
the assets acquired in 2012 and 2013.

Review of Financial Results

Oil and natural gas revenues, excluding the impact of derivative contracts,
decreased 9% when comparing the first quarters of 2013 and 2012, as the
decline in production related to asset divestitures more than offset an
increase in realized oil prices.Denbury's average realized oil price,
excluding derivative contracts, was $105.59 in the first quarter of 2013,
compared to $102.52 in the prior year first quarter.Denbury's oil price
differential (the difference between the average price at which the Company
sold its production and the average NYMEX price) improved significantly from
the prior year first quarter level as the Light Louisiana Sweet (LLS) index
premium improved and a greater percentage of the Company's production was sold
in the Gulf Coast region following the Bakken transaction.Company-wide oil
price differentials in the first quarter of 2013 were $11.17 per barrel
("Bbl") above NYMEX prices, compared to $0.37 per Bbl below NYMEX in the prior
year first quarter.During the first quarter of 2013, the Company sold 53% of
its crude oil at prices based on the LLS index price, 26% at prices partially
tied to the LLS index price, and the balance at prices based on various other
indexes tied to NYMEX prices, primarily in the Rocky Mountain region.

Lease operating expenses increased 15% on a per BOE basis to $24.47 per BOE in
the first quarter of 2013 from $21.19 per BOE in the first quarter of 2012,
primarily due to the divestiture during the fourth quarter of 2012 of the
Company's Bakken area assets which had relatively low operating costs per
BOE.Tertiary operating expenses averaged $24.70 per Bbl in the first quarter
of 2013, down from $26.74 per Bbl in the prior year first quarter.The
decrease in tertiary operating expenses between the periods was primarily the
result of the 17% increase in tertiary production which more than offset the
additional costs related to operating new tertiary floods at Oyster Bayou and
Hastings fields.

General and administrative ("G&A") expenses totaled $42 million in the first
quarter of 2013, compared to $37 million in the prior year first quarter.The
increase in G&A expense was primarily due to higher compensation and
employee-related costs due to increased headcount and merit-based compensation
increases.

Interest expense, net of capitalized interest, in the first quarter of 2013
was $36 million, unchanged from the prior year first quarter level.The impact
of a $484 million increase in average debt outstanding from the first quarter
of 2012 to the first quarter of 2013 was offset by a reduction in the
Company's average interest rate, to 6.7% from 7.6%, and an increase in
capitalized interest related to projects not yet in service. Denbury
recognized a pre-tax loss on early extinguishment of debt of $44 million in
the first quarter of 2013 related to the early redemption of most of its 9
1/2% and 9 3/4% senior subordinated notes, which the Company refinanced with
the issuance of 4 5/8% senior subordinated notes due 2023.

Denbury recorded a noncash pre-tax charge of $12 million in the first quarter
of 2013 due to changes in the fair values of the Company's derivative
contracts, compared to a noncash pre-tax charge of $44 million on fair value
changes in the prior year first quarter.

The Company's overall depletion, depreciation and amortization ("DD&A") rate
was $19.65 per BOE in the first quarter of 2013, compared to $18.57 per BOE in
the prior year first quarter.This increase per BOE was primarily driven by
higher DD&A expense from the change in classification of equipment leases from
operating to capital during 2012, combined with the impact of lower production
in the current year period.The impact of these items was offset in part by
the DD&A reduction related to the divestiture of the Company's Bakken area
assets during the fourth quarter of 2012.

2013 Production and Capital Expenditure Estimates and Share Repurchase Update

Denbury completed the acquisition of producing property interests in the Cedar
Creek Anticline from ConocoPhillips near the end of the first quarter of 2013.
As previously incorporated into its 2013 production estimates, Denbury expects
the acquired properties to contribute about 7,700 BOE/d to full-year 2013
average daily production, which reflects estimated average daily production of
about 10,200 BOE/d from the acquisition date through the end of
2013.Approximately 99% of this production is estimated to be oil and natural
gas liquids.With the better-than-expected start to 2013, Denbury now expects
tertiary and total production to average in the upper half of the estimated
ranges (which remain unchanged) shown in the following table:

                              2013 Estimated
Operating Area                Production
                              (BOE/d)
Tertiary                      36,500 – 39,500
Cedar Creek Anticline         16,200
Other Rockies Non-Tertiary    5,400
Texas Non-Tertiary            6,300
Other Gulf Coast Non-Tertiary 4,300
Total Production              68,700 – 71,700

Denbury's 2013 capital expenditure budget was recently increased by $60
million, to $1.06 billion.The additional $60 million will primarily fund
capital projects on the newly acquired Cedar Creek Anticline properties and
capital projects scheduled for 2012 that were carried into 2013. The budgeted
amount excludes potential acquisitions, and approximately $160 million of
estimated capitalized costs (including capitalized corporate exploration and
development overhead; geological and geophysical costs; capitalized interest;
and pre-production start-up costs associated with new tertiary floods), which
is up from the previous estimate of these capitalized costs of $125
million.Denbury expects its 2013 capital expenditure budget to be fully
funded with its estimated cash flow generated from operations in 2013 assuming
NYMEX oil prices average in the low $90 per Bbl range for the year.

Denbury continues to repurchase shares from time to time under its share
repurchase program, acquiring a total of 4.7 million shares in 2013 through
the end of April, to bring total purchases under such program since its
commencement in October 2011 to nearly 36 million shares, or about 9% of
shares outstanding at September 30, 2011, at an average cost of just over $15
per share.Another $229 million of share repurchases remained authorized under
the program as of April 30, 2013.

Conference Call and Annual Meeting Information

Denbury will host a conference call to review and discuss first quarter 2013
financial and operating results and financial and operating guidance for the
remainder of 2013 today, Thursday, May 2, at 10:00 A.M. (Central).Individuals
who would like to participate should dial 800.230.1096 or 612.332.0725 ten
minutes before the scheduled start time and provide the confirmation number
260590 to the operator. To access a live audio webcast of the conference call,
please visit the investor relations section of the Company's website at
www.denbury.com. The audio webcast will be archived on the website for at
least 30 days, and a telephonic replay will be accessible for one month after
the call by dialing 800.475.6701 or 320.365.3844 and entering confirmation
number 260590.

Denbury's 2013 Annual Meeting of Stockholders will be held on Wednesday, May
22, 2013, at 3:00 P.M. (Central), at The Westin Stonebriar Hotel located at
1549 Legacy Drive, Frisco, Texas.The record date for determination of
shareholders entitled to vote at the annual meeting was the close of business
on Thursday, March 28, 2013.

Denbury is a growing domestic independent oil and natural gas company.The
Company's primary focus is on enhanced oil recovery utilizing carbon dioxide
and its operations are focused in two key operating areas: the Gulf Coast and
Rocky Mountain regions.Denbury is the largest combined oil and natural gas
producer in both Mississippi and Montana, and owns the largest reserves of
carbon dioxide used for tertiary oil recovery east of the Mississippi
River.The Company's goal is to increase the value of acquired properties
through a combination of exploitation, drilling and proven engineering
extraction practices, with the most significant emphasis relating to tertiary
recovery operations.For more information about Denbury, please visit
www.denbury.com.

This press release, other than historical financial information, contains
forward-looking statements that involve risks and uncertainties including
estimated 2013 production and capital expenditures, estimated production from
pending asset acquisitions, estimated cash generated from operations in 2013
and other risks and uncertainties detailed in the Company's filings with the
Securities and Exchange Commission, including Denbury's most recent reports on
Form 10-K and Form 10-Q.These risks and uncertainties are incorporated by
this reference as though fully set forth herein.These statements are based on
engineering, geological, financial and operating assumptions that management
believes are reasonable based on currently available information; however,
management's assumptions and the Company's future performance are both subject
to a wide range of business risks, and there is no assurance that these goals
and projections can or will be met.Actual results may vary materially.

Financial and Statistical Data Tables and Reconciliation Schedules

Following are unaudited financial highlights for the comparative three month
periods ended March 31, 2013 and 2012.All production volumes and dollars are
expressed on a net revenue interest basis with gas volumes converted to
equivalent barrels at 6:1.

DENBURY RESOURCES INC.                                       
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
                                                            
The following information is based on GAAP reported earnings, with additional
required disclosures included in the Company's Form 10-Q:
                                                            
                                            Three Months Ended
                                            March 31,
In thousands, except per share data          2013             2012
Revenues and other income                                    
Oil sales                                    $566,143       $623,706
Natural gas sales                            7,510           9,795
CO[2] sales and transportation fees          6,558           6,795
Interest income and other income             2,875           4,820
Total revenues and other income              583,086         645,116
Expenses                                                     
Lease operating expenses                     140,542         137,964
Marketing expenses                           9,796           10,830
CO[2] discovery and operating expenses       3,722           6,205
Taxes other than income                      38,011          43,694
General and administrative expenses          41,889          36,607
Interest expense, net of capitalized         36,034          36,314
interest of 21,705 and 19,445, respectively
Depletion, depreciation, and amortization    112,898         120,895
Derivatives expense (income)                 11,929          45,275
Loss on early extinguishment of debt         44,223          —
Impairment of assets                         —               17,300
Other expenses                               2,107           10,720
Total expenses                               441,151         465,804
Income before income taxes                   141,935         179,312
Income tax provision                                         
Current income taxes                         10,519          28,708
Deferred income taxes                        43,845          37,137
Net income                                   $87,571        $113,467
                                                            
Net income per common share:                                 
Basic                                        $0.24          $0.29
Diluted                                      0.23            0.29
Weighted average common shares outstanding:                  
Basic                                        369,396         386,367
Diluted                                      372,867         390,943

                                                            
DENBURY RESOURCES INC.                                       
SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES (UNAUDITED)
                                                            
Reconciliation of net income (GAAP measure) to adjusted net income (non-GAAP
measure)^(1):
                                                            
                                            Three Months Ended
                                            March 31,
In thousands                                 2013             2012
Net income (GAAP measure)                    $87,571        $113,467
Noncash fair value adjustments on commodity  11,929          44,085
derivatives
Loss on early extinguishment of debt         44,223          —
Impairment of assets                         —               17,300
CO[2] discovery and operating expenses –     —               4,925
CO[2] exploration costs
Other expenses – acquisition transaction     2,107           —
costs
Other expenses – helium nonperformance       —               3,900
accrual
Other expenses – allowance for               —               3,683
collectability on outstanding loans
Other expenses – loss on sale of Vanguard    —               3,137
common units
Estimated income taxes on above adjustments  (22,430)        (29,272)
to net income
Adjusted net income (non-GAAP measure)       $123,400       $161,225
                                                            
^(1)See "Non-GAAP Measures" at the end of                   
this report.
                                                            
Reconciliation of cash flow from operations (GAAP measure) to adjusted cash
flow from operations (non-GAAP measure)^(1):
                                                            
                                            Three Months Ended
                                            March 31,
In thousands                                 2013             2012
Net income (GAAP measure)                    $87,571        $113,467
Adjustments to reconcile to adjusted cash                    
flow from operations:
Depletion, depreciation, and amortization    112,898         120,895
Deferred income taxes                        43,845          37,137
Stock-based compensation                     7,908           7,913
Noncash fair value adjustments on commodity  11,929          44,085
derivatives
Loss on early extinguishment of debt         44,223          —
Impairment of assets                         —               17,300
Other                                        7,372           11,427
Adjusted cash flow from operations (non-GAAP 315,746         352,224
measure)
Net change in assets and liabilities         (46,570)        (60,570)
relating to operations
Cash flow from operations (GAAP measure)     $269,176       $291,654
                                                            
^(1)See "Non-GAAP Measures" at the end of                   
this report.

                                                              
DENBURY RESOURCES INC.                                         
OPERATING HIGHLIGHTS (UNAUDITED)                               
                                                              
                                                Three Months Ended
                                                March 31,
Average Daily Volumes (BOE/d) (6:1)              2013           2012
Tertiary oil production                                        
Gulf Coast region                                              
Mature properties:                                             
Brookhaven                                       2,305         3,014
Eucutta                                          2,636         3,090
Mallalieu                                        2,116         2,585
Other mature properties ^(1)                     7,800         8,012
Delhi                                            5,827         4,181
Hastings                                         3,956         618
Heidelberg                                       3,943         3,583
Oyster Bayou                                     2,252         877
Tinsley                                          8,222         7,297
Total tertiary oil production                    39,057        33,257
Non-tertiary oil and gas production                            
Gulf Coast region                                              
Mississippi                                      3,013         4,573
Texas                                            6,692         3,674
Other                                            1,153         1,281
Total Gulf Coast region                          10,858        9,528
Rocky Mountain region                                          
Cedar Creek Anticline                            8,745         8,496
Other                                            5,163         3,204
Total Rocky Mountain region                      13,908        11,700
Total non-tertiary oil production                24,766        21,228
Total continuing production                      63,823        54,485
Properties disposed:                                           
Bakken area assets                               —             15,285
2012 Non-core asset divestitures                 —             1,762
Total production                                 63,823        71,532
                                                              
^(1) Other mature properties include Cranfield, Little Creek, Lockhart
Crossing, Martinville, McComb and Soso fields.
                                                              
                                                Three Months Ended
                                                March 31,
                                                2013           2012
Production (daily – net of royalties):                         
Oil (barrels)                                    59,577        66,857
Gas (mcf)                                        25,477        28,052
BOE (6:1)                                        63,823        71,532
Unit sales price (excluding derivative                         
settlements):
Oil (per barrel)                                 $105.59      $102.52
Gas (per mcf)                                    3.28          3.84
BOE (6:1)                                        99.87         97.32
Unit sales price (including derivative                         
settlements):
Oil (per barrel)                                 $105.59      $101.16
Gas (per mcf)                                    3.28          6.59
BOE (6:1)                                        99.87         97.14

                                                                 
DENBURY RESOURCES INC.                                            
PER-BOE DATA (UNAUDITED)                                          
                                                                 
                                                        Three Months Ended
                                                        March 31,
                                                        2013      2012
Oil and natural gas revenues                             $99.87  $97.32
Loss on settlements of derivative contracts              —        (0.18)
Lease operating expenses                                 (24.47)  (21.19)
Production and ad valorem taxes                          (6.17)   (6.31)
Marketing expenses, net of third party purchases         (1.41)   (1.66)
Production netback                                       67.82    67.98
CO[2] sales, net of operating and exploration expenses   0.49     0.08
General and administrative expenses                      (7.29)   (5.62)
Interest expense, net                                    (6.27)   (5.59)
Other                                                    0.22     (2.75)
Changes in assets and liabilities relating to operations (8.11)   (9.30)
Cash flow from operations                                46.86    44.80
DD&A                                                     (19.65)  (18.57)
Deferred income taxes                                    (7.63)   (5.71)
Loss on early extinguishment of debt                     (7.70)   —
Noncash commodity derivative adjustments                 (2.08)   (6.78)
Impairment of assets                                     —        (2.66)
Other noncash items                                      5.45     6.35
Net income                                               $15.25  $17.43

                                                          
DENBURY RESOURCES INC.                                     
CAPITAL EXPENDITURE SUMMARY (UNAUDITED)
                                                          
                                     Three Months Ended
                                     March 31,
In thousands                          2013                  2012
Capital expenditures by project:                           
Tertiary oil fields                   $169,829            $113,578
CO[2] pipelines                       8,818                14,151
CO[2] sources ^(1)                    30,266               50,479
Other areas                           61,997               162,555
Capital expenditures before           270,910              340,763
acquisitions and capitalized interest
Less: recoveries from sale/leaseback  —                    (21,002)
transactions
Net capital expenditures excluding    270,910              319,761
acquisitions and capitalized interest
Property acquisitions ^(2)            999,859              1,234
Capitalized interest                  21,705               19,445
Capital expenditures, net of          $1,292,474          $340,440
sale/leaseback transactions
                                                          
^(1)Includes capital expenditures                         
related to the Riley Ridge gas plant.
^(2) Property acquisitions during the three months ended March 31, 2013
include capital expenditures of approximately $1.0 billion related to
acquisitions during the period that are not reflected as an Investing Activity
on our Unaudited Condensed Consolidated Statements of Cash Flows due to the
movement of proceeds through a qualified intermediary.

                                                         
DENBURY RESOURCES INC.                                    
CASH PROCEEDS FROM PROPERTY SALES (UNAUDITED)
                                                         
                                        Three Months Ended
                                        March 31,
In thousands                             2013              2012
Net proceeds from sales of properties    $663            $166,703
and equipment ^(1)
                                                         
^(1)For the three months ended March 31, 2012, includes $140.1 million of
cash from the sale of non-core assets in February 2012 which was held by a
qualified intermediary in support of a like-kind-exchange transaction to fund
a portion of the acquisition cost of Thompson Field.

                                                                 
DENBURY RESOURCES INC.                                            
SUMMARY OF INCOME (EXPENSE) FROM DERIVATIVE CONTRACTS (UNAUDITED)
                                                                 
                                                      Three Months Ended
                                                      March 31,
In thousands                                           2013        2012
Cash payment on settlements of derivative contracts    $—        $(1,190)
Noncash fair value adjustments on derivatives –        (11,929)   (44,085)
expense
Total expense from commodity derivative contracts      $(11,929) $(45,275)

                                                                
DENBURY RESOURCES INC.                                           
SELECTED FINANCIAL DATA (UNAUDITED)
                                                                
                                                    March 31,    December 31,
In thousands                                         2013         2012
Cash and cash equivalents                            $62,269    $98,511
Restricted Cash                                      50,460      1,050,015
Total assets                                         11,316,765  11,139,342
                                                                
Borrowings under bank credit facility                $275,000   $700,000
Borrowings under senior subordinated notes           2,638,285   2,051,350
(principal only)
Financing and capital leases                         381,787     394,504
Total debt (principal only)                          $3,295,072 $3,145,854
                                                                
Total stockholders' equity                           $5,145,880 $5,114,889
                                                                
                                                    Three Months Ended
                                                    March 31,
In thousands                                         2013         2012
Cash provided by (used in):                                      
Operating activities                                 $269,176   $291,654
Investing activities                                 (320,646)   (288,883)
Financing activities                                 15,228      55,902

Non-GAAP Measures

Adjusted net income is a non-GAAP measure provided as a supplement to present
an alternative net income measure which excludes expense and income items (and
their related tax effects) not directly related to the Company's ongoing
operations.The excluded items are those which reflect the fair value
adjustments on the Company's derivative contracts, impairment of assets, the
portion of CO[2] discovery and operating expenses attributable to exploration
costs, transaction-related expenses, and the cost of early debt
extinguishment.Management believes that adjusted net income may be helpful to
investors, and is widely used by the investment community, while also being
used by management in evaluating the comparability of the Company's ongoing
operational trends and results. Adjusted net income should not be considered
in isolation or as a substitute for net income reported in accordance with
GAAP, but rather to provide additional information useful in evaluating the
Company's operational trends and performance.

Adjusted cash flow from operations is a non-GAAP measure that represents cash
flow provided by operations before changes in assets and liabilities, as
summarized from the Company's Consolidated Statements of Cash Flows.Adjusted
cash flow from operations measures the cash flow earned or incurred from
operating activities without regard to the collection or payment of associated
receivables or payables.The Company believes that it is important to consider
this additional measure, along with cash flow from operations, as it believes
the non-GAAP measure can often be a better way to discuss changes in operating
trends in its business caused by changes in production, prices, operating
costs and so forth, without regard to whether the earned or incurred item was
collected or paid during that period.

CONTACT: DENBURY CONTACTS:
         Phil Rykhoek, President and CEO
         972.673.2000
         Mark Allen, Senior Vice President and CFO
         972.673.2000
         Jack Collins, Executive Director, Investor Relations
         972.673.2028

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